no title

$ 105.00 Claim in 1 yr Assets Liabilities 5% $ 100.00 $ 100.00 Before selling the asset bond earning 5% AR Asset sale Principle Based Reserves Formula Reserves results in Current VM 21 Approach VM21 Order of Operation Change loss of $ 95.45 SR Before CSV floor $ 95.45 SR $4.55 which $ 98.00 CSV floor $ (4.55) IMR $ 100.00 Formula reserve before CSV floor goes to $ 98.00 SR $ 100.00 AR - Before CSV. [...] $ (4.55) IMR $ (4.55) IMR $ (4.55) IMR 10.00% $ 95.45 $ 98.00 Total $ 95.45 Total $ 95.45 Total Surplus decrease No impact to surplus (B) The one-year drops to 3% and the asset is sold, and then immediately repurchased. [...] $ 105.00 Claim in 1 yr Assets Liabilities 5% $ 100.00 Bond $ 104.00 AR Before selling the asset 0% $ 4 .00 Cash $ 104.00 $ 104.00 Asset sale Principle Based Reserves Formula Reserves results in IMR adj applied after CSV floor IMR applied before CSV floor loss of $ 95.45 SR $ 95.45 SR $4.55 which $ 104.00 CSV floor $ (4.55) IMR $ 100.00 Formula reserve before CSV floor goes to $ 104.00 SR $ 100.00. [...] 0% $ 4 .00 $ (4.55) IMR $ (4.55) IMR $ (4.55) IMR $ 99.45 $ 104.00 Total $ 99.45 Total $ 99.45 Total Surplus decreases No impact to surplus (B) The one-year drops to 3% and the asset is sold, and then immediately repurchased. [...] $ 105.00 Claim in 1 yr Assets Liabilities 5% $ 100.00 Bond $ 104.00 AR Before selling the asset 0% $ 4 .00 Cash $ 104.00 $ 1 04.00 Asset sale Principle Based Reserves Formula Reserves results in IMR adj applied after CSV floor IMR applied before CSV floor gain of $ 101.94 SR Before CSV floor $ 101.94 SR $1.94 which $ 104.00 CSV floor $ 1.94 IMR $ 100.00 Formula reserve before CSV floor goes to $ 1.